MicroStrategy Incorporated’s shares fell nearly 10% today, closing at $142.88 after hitting an intraday low of $140.25, marking the stock’s lowest level in 52 weeks. This decline followed a roughly 6% drop in Bitcoin’s price over the past 24 hours, with Bitcoin currently trading near $84,300. MicroStrategy is known for holding a large Bitcoin treasury while also providing enterprise analytics software, making its stock a leveraged proxy for Bitcoin price movements. Consequently, its shares often reflect heightened market risk sentiment.
Thursday’s downturn was not limited to MicroStrategy; broader markets experienced declines as well. Major technology stocks also fell, with Microsoft shares dropping over 11%, while Apple prepared to release its financial results. Conversely, Meta’s shares rose by as much as 11%, buoyed by strong earnings.
Recently, MicroStrategy increased its Bitcoin holdings by purchasing an additional 2,932 Bitcoins, bringing its total to 712,647. The company spent approximately $264 million on this acquisition at an average price of $90,061 per Bitcoin. This purchase was funded through proceeds from the sale of 1.57 million Class A shares and some perpetual preferred stock issuance. MicroStrategy now holds about 3.4% of Bitcoin’s total 21 million supply. Given ongoing market volatility and uncertainty, Bitcoin’s price fluctuations and MicroStrategy’s stock performance will remain key indicators for investors.
Source: bitcoinmagazine
